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BitMEX Launches Spot Crypto Exchange in Expectation of Market Recovery

BitMEX

BitMEX, one of the oldest exchanges in the digital asset futures market, is betting that the launch of a spot new market would enable it to attract retail consumers during the current crypto bear market.

The platform, which has made news due to its founder Arthur Hayes’ legal troubles, announced its new spot market on Tuesday, allowing users to trade cryptocurrencies such as Bitcoin, Ether, Bored Ape Yacht Club’s APE token, and Uniswap’s governance token UNI.

The BitMEX Spot Exchange was launched to become one of the top 10 largest spot exchanges in the world. According to the recent news, the company chose to launch its spot exchange last year in response to increased crypto trading demand from its current user base.

“Today, BitMEX is one step closer to providing our users with a full crypto ecosystem to buy, sell, and trade their favorite digital assets.  BitMEX CEO Alexander Höpner stated, “We will not rest as we aim to deliver more features, more trading pairs, and more ways for our clients to take part in the crypto revolution,”

Crypto derivatives made history in 2021 when trading volumes surpassed those of their spot or cash counterparts for the first time. For instance, BitMEX was a popular exchange for trading Bitcoin futures. However, after the arrival of rivals in the derivatives area, like FTX and Binance Futures, the exchange suffered a reverse from its height.

With the spot launch, BitMEX hopes to break into the top ten spot markets in a year or two. BitMEX, one of the world’s largest and oldest cryptocurrency trading platforms, was founded in 2014, roughly six years after Bitcoin was created. Unlike spot exchanges, BitMEX focuses on derivatives, allowing users to purchase and sell contracts such as futures, options, and Perpetuals on a variety of crypto assets.

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